The technologies that we develop in Enecuum can find application in a variety of spheres. In fact, we ourselves do not fully provide all the capabilities of the environment. But we are about some methods of application are now.
Enecuum is focused on 2 things — business and the future. Those technological solutions, which we are developing, will provide the companies introducing them a technological advantage over competitors. And we regularly find confirmation of our forecasts in the technological and media space.
Here are the use cases.
Initial Coin Offering Platform
The “cancellation model” allows issuers to implement complex ICOs with step-by-step raising and return of the funds to the participants, at any stage of the process. System-specific notation of tokens, similar to the ERC-20 notation, is intended to simplify entry of the tokens created on the basis of Enecuum to a cryptocurrency exchange service after the ICO. Token issuers will be responsible for the appropriate design of their tokens use cases and ensuring that their tokens comply with all applicable legal and regulatory obligations.
Infrastructure for financial services and payments
Using Enecuum’s Jettons and Marks, it is our aim to enable banks, government agencies and transactional organizations to be able to reliably control targeted spending of received credit and budget funds. The Enecuum infrastructure can also be leveraged to enable secure and efficient payments. For example, a bank may have a database of customers, which it categorizes based on the nature of their business (construction company, industrial equipment supplier, etc).
The bank has the potential to issue a customer a directed loan in tokens having a specific and distinct Mark. The customer will only be able to use these tokens to pay certain predefined organizations, and be able to spend them according to the purpose of the issued loan. Moreover, the possibility to add annotation to transactions may for example allow for a blockchain-based insurance service that keeps each client’s history. The service has the potential to keep user ratings directly on the blockchain and store for example information regarding insurance coverage for each user by conducting automatic calculations via smart contracts.
Enecuum aims to have the ability to run “heavy” smart contracts in dedicated branches. Enecuum also aims to permit complex calculations that require high computational power without increasing workload on the main Enecuum branches (useful for neural networks training, scientific calculations, rendering computer graphics, JS libraries, etc). Payment for using such “heavy” smart contracts intended to be made in ENQ at a flexible rate, similar to the transaction price concept in the Ethereum blockchain.
Creating the request to perform the calculations, the customer sets the price and miners decide whether it is beneficial for them to provide their computational power for the task. In the case miners agree to the terms, the customer’s funds are reserved by the smart contract for future payment. When the task is completed and valid results are provided, the funds are released and automatically transferred to the miners.
The application of sharding technology and possibility to change the transaction duplication parameters allows for effective use of disk space on users’ devices. For instance, if 4 users provide 5 GB of space each and the duplication and sharding parameters are set to 50%, the effective storage capacity for files is 10 GB. Extrapolating this pattern to the entire network, the size of the “global decentralized disk” will grow proportionally preserving the availability of data and a sufficiently high speed of access. This means users may in the future build on top of the Enecuum Blockchain such services as decentralized hostings, cloud data storage services and content delivery networks. Again, applying SHARNELL Smart Contracts and jettons as encryption keys on top of such data branches, users can create complex paid access services with decentralized (and immutable) content paid for in tokens.
Microtransactions and IoT applications
The workload of the Enecuum system will increase as the number of users on Eneecuum grows, and decentralized applications are developed on top of the Enecuum blockchain. However, Enecuum proposes to allow for creation of separate blockchain branches with their own consensus rulesets, thus taking the workload off the main system. This in turn seeks to stimulate miners’ activity, and create conditions beneficial for implementation of microtransaction services. Enecuum proposes zero transaction fees for a decentralized microtransaction service, and very low fees per transaction in case of a centralized microtransaction services that involve a lot of microtransactions from a single wallet.
For example, 10,000,000 transactions a day could easily be recorded in several large macroblocks of 10 MB each. The fee would be calculated per block, thus it is proposed that there will be extremely low fees per transaction. We believe this is a perfect use of Enecuum’s functionality in relation to the “Internet of Things”. An implementation of a simple client for PoA mining on various devices could be able to completely cover their carried transaction fees. Besides, the Enecuum network protocol is designed to provide a high availability of such devices by establishing a mesh network between them.